TAICHUNG CITY, Taiwan, June 01, 2026 (GLOBE NEWSWIRE) -- J-Star Holding Co., Ltd. (Nasdaq: YMAT) (“J-Star” or the “Company”), today provided additional details regarding the commitment letter previously referenced in its May 1, 2026 announcement concerning the Company's proposed 100MWh modular automated solid-state battery manufacturing facility in Baytown, Texas.

As previously disclosed, the Baytown West Chambers County Economic Development Foundation ("EDF") issued a commitment letter supporting the Company's site selection efforts and securing the availability of a parcel within the TGS Cedar Port Industrial Park for the proposed facility. J-Star is now providing additional information regarding the substantive terms of that commitment, which was formally structured as a Letter of Intent ("LOI") executed on April 14, 2026. In its Form 6-K filed on May 1, 2026, the Company stated, "The project has also received a commitment letter from the Baytown Economic Development Foundation securing a parcel in the TGS Cedar Port Industrial Park for construction of the factory."

The Company believes the LOI reflects a significant level of local engagement and project support and provides important context regarding the planning and development activities already underway for the Baytown initiative.

Additional Details Regarding the EDF Letter of Intent

The LOI outlines a framework of site-selection assistance, infrastructure planning considerations, and development support provisions intended to facilitate the potential establishment of an advanced solid-state battery manufacturing operation in Baytown.

  • Site Selection and Availability: The EDF identified multiple five-acre industrial parcels within its service area that could accommodate the specialized technical requirements of the proposed facility. Supporting site documentation was provided in advance of the Company's federal grant application submission timeline.
  • Infrastructure Specifications: The LOI contemplates support for a facility requiring: 1) a minimum five-acre site capable of accommodating the manufacturing plant, including a planned 12,000-square-foot ISO-7 Ultra-Dry Room and associated external mechanical infrastructure; and 2) access to approximately 4,000-amp electrical service to support the Company's automated production systems and proprietary NAEPE coating processes utilized in its solid-state battery manufacturing platform.
  • Proposed Lease Structure and Purchase Option Framework: The LOI contemplates EDF assistance in facilitating discussions regarding a long-term lease arrangement that may include a future purchase option. Such a structure could provide flexibility for YMA(TX) INC., the Company's U.S. operating subsidiary, to transition from leasehold occupancy to property ownership as the project advances and definitive agreements are negotiated.
  • 18-Month Site Availability Commitment: The EDF committed to maintaining the availability of the identified sites for a period of 18 months from the date of the LOI. This provision was designed to support compliance with Site Control requirements under the U.S. Department of Energy's funding opportunity announcement DE-FOA-0003585.
  • Recognition of Technology and Strategic Partnerships: The LOI references J-Star’s planned advanced battery manufacturing initiative and acknowledges its patented solvent-free PSSB technology (Patent No. US 2022/0209218 A1), as well as its collaboration with Patriot Green Energy Technology (PSSB) and Taiwan's Industrial Technology Research Institute (ITRI). The EDF further expressed support for exploring the development of advanced battery research, manufacturing, and related economic activity within the Baytown region.

Project Development Progress

The Company's disclosure of the EDF LOI follows its May 26, 2026 announcement that it had received formal authorization from the Central Bank of Taiwan to initiate a sovereign-backed financing framework supporting a proposed US$60 million loan facility for the planned Baytown project. The Baytown facility is expected to require approximately US$122.5 million of total investment and is intended to serve as a U.S.-based manufacturing platform for the Company's solid-state battery technology. Taken together, the Company believes the EDF site-control support and the recently announced financing authorization represent two of the most significant project-development milestones achieved to date as it advances the proposed facility toward potential construction and commercialization.

The Company also confirms that its Full Application under the U.S. Department of Energy's Infrastructure Investment and Jobs Act ("IIJA") Section 40207 Battery Materials Processing and Battery Manufacturing and Recycling Grant Programs (Announcement DE-FOA-0003585; Control Number 3585-1561) remains listed as "In Review" on the DOE eXCHANGE portal. No funding determination has been made, and additional updates will be provided as appropriate.

Management Commentary

Commented Jonathan Chiang, CEO and Chairman of J-Star Holding, "When we announced the Baytown project on May 1st, we referenced a Letter of Intent from the Baytown Economic Development Foundation. Today, we're providing additional detail because we believe investors should understand the level of planning and local engagement already underway. The LOI outlines formal site-selection support, infrastructure considerations, and site availability provisions designed to support the project's development objectives. Together with the recent financing authorization from the Central Bank of Taiwan, these milestones demonstrate continued progress as we work to advance the Baytown facility from concept toward execution."

About the Baytown West Chambers County Economic Development Foundation
The Baytown West Chambers County Economic Development Foundation is a non-profit organization dedicated to supporting economic growth, job creation, and industrial development in the Baytown, Texas region and surrounding West Chambers County area. The EDF works with local, state, and federal stakeholders to attract and support advanced manufacturing and industrial investment in one of the most significant industrial corridors in the United States. Visit baytownedf.org to learn more.

About J-Star
J-Star Holding Co., Ltd. (NASDAQ: YMAT) is a holding company with operations conducted through subsidiaries in Taiwan, Hong Kong, and Samoa with its headquarters in Taiwan. J-Star’s predecessor group was established in 1970, and has accumulated over 50 years of know-how in material composites industry. J-Star develops and commercializes the technology on carbon reinforcement and resin systems. With decades of experience and knowledge in composites and materials, J-Star is able to apply its expertise and technology to design and manufacture a great variety of lightweight, high-performance carbon composite products, ranging from key structural parts of electric bicycles and sports bicycles, rackets, automobile parts to healthcare products. Visit j-starholding.com and ymacorp.com to learn more.

Forward Looking-Statements
Certain statements contained in this press release about future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements relating to the expected trading commencement and closing dates. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including: the uncertainties related to market conditions and other factors discussed in the “Risk Factors” section of the final prospectus filed with the SEC. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Any forward-looking statements contained in this press release speak only as of the date hereof, and J-Star specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.

Contact:
Matt Chesler, CFA
FNK IR
646-809-2183
[email protected]